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How AI is fuelling innovation in financial services

The global financial services industry is undergoing a profound digital transformation, driven chiefly by advances in artificial intelligence (AI). Most companies in the sector have implemented AI in some way to upgrade their practices, processes, infrastructure and even their business models. Many are using it to enhance their risk management capabilities and improve customer service. They are also increasingly applying the technology to both supercharge their existing offerings and create new products and services. But how do AI adoption rates compare between fintech firms and the companies they are challenging – and what barriers must they overcome to maximise the technology’s potential?